Rice prices in Asia jumped back near the highest level in almost 15 years on Wednesday after India slapped more curbs on parboiled and basmati over the previous weekend. - BloombergThe world’s top shipper has placed restrictions on all of its exports, panicking governments from Asia to West Africa. Other big growers have tried to reassure consumers that rice supply is ample, but it’s done little to calm the market.
"Spikes in rice prices always hurt poor consumers the most,” said Peter Timmer, Professor Emeritus at Harvard University, who’s studied food security for decades. The onset of El Niño this year threatens to parch many key growing regions across Asia, with Thailand already warning of drought conditions in early 2024. The crop in China, the world’s biggest producer and importer, appears to have escaped poor weather so far, but India’s major growing areas need more rain.
The Philippines was forced last week to place a cap on rice prices across the country due to an"alarming” increase in retail costs and reports of hoarding by traders. The nation is the world’s second-biggest importer of the grain.Guinea has sent its trade minister to India, while Singapore, Mauritius and Bhutan have requested that New Delhi exempt them from curbs on the grounds of food security - a provision the South Asian nation added when banning one variety.